Canaan was selected 34th overall pick by the Rockets in the 2013 NBA Draft. He played in 132 career games over four seasons at Murray State, averaging 15.5 points, 2.9 assists and 2.8 rebounds. Overall, Canaan scored over 2,000 points in his collegiate career (2,050) while shooting 304-of-725 (.419) from beyond the arc.

General Manager Daryl Morey also announced, the Rockets have come to terms with rookie free agents forward Robert Covington and guard B.J. Young. To make room for the new additions and signings, the team has waived guard/forward James Anderson and center Tim Ohlbrecht.